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4 Key Financial Planning Tips For Newlyweds In 2024

Marriage is something to be cherished for a lifetime, but they don’t all last that long. The sad truth is that many couples reach contention to the point of heartbreak. The reason? Finances are usually the main culprit, turning marriages sour before they have a chance to grow and create more memories. Many will say that “nothing could be done”, but you don’t have to use that excuse. Maggi Tax is here to give you key financial planning tips for newlyweds in 2024 so you can set up your future for success.
Where to Begin
Before you get to planning, you need all of the information that you can get. Ask yourself and your spouse the following:
● How much do you both make combined?
● Do either of you have any outstanding debts?
● What assets will be shared between you?

There are plenty more questions you can ask to help put things into perspective. The important thing is to be completely honest and sincere with your answers and intentions. Show compassion and be supportive of one another for the best chance at creating and sticking with a financial plan that works best for you both as a married couple. To ensure success, a change in marital status is a valid situation where you need a financial advisor.

1. Value Transparency Above All Else

We said it before and we’ll say it again. Honesty and transparency are how your financial plan is going to work. Each partner needs to be open about their spending habits, saving preferences, and financial situation. The hard truth may spark up some debates. This is completely normal, so don’t let this discourage you. Find compromise and take breaks if you need to. This is arguably the hardest part of financial planning as a couple, but it gets better from here.

2. Be On the Same Page

If you find yourself torn during certain parts of the planning process, you may be tempted to set separate goals for yourself to appease both sides. But by splitting up your resources instead of consolidating everything into a single path, you’ll be getting nowhere fast. Compromise is key, even if it takes a bit of work getting there. If you have to, plan for both short-term and long-term goals.

3. Plan For Both Short-Term and Long-Term Goals

It’s great to be motivated with high ambitions, but diluting your resources too much will make it difficult to see tangible progress. If you really want to see success in multiple areas at a time, separate your goals into short and long-term ones. Take a look at the following examples:

Short-Term Goals 
● Building an emergency fund
● Tackling debt
● Planning for a vacation

Long-Term Goals 

  • Saving for retirement
  • Buying a house
  • Planning for children (raising, schooling, etc.)

Read more > Our Expert Tips For Setting Realistic Financial Goals In 2024

4. Make Mindful Purchases

It can be easy to get carried away with shopping right after getting married. When you move in with your spouse, you may be eager to buy new furniture to dress up your new home or buy a brand-new car to mark the occasion. If you’re not careful, you could put yourself and your spouse into crippling debt before you even have a chance to share your lives together. Make sure you stick to your budget for a happier future. Your patience will be greatly rewarded!

Maggi Tax Helps Newlyweds With Setting Financial Plans!

Just married? Let Maggi Tax help you and your spouse devise a financial plan that takes both of your futures into account. We’ll go over every detail to make sure everyone is happy to help make way for a sustainable marriage! Give us a call today at (727) 799-1701 to schedule a consultation.

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